CPA Firm Practice Management Feed

CPA Firm Practice Management

CPA Firm Practice Management covers a wide array of topics from succession planning, human capital management and practice development. CPA Firm Practice Management also includes the use of marketing, like social media and SEO, and developing new clients. The Private Companies Practice Section is a membership section of the AICPA consisting of public accounting firms. PCPS’s mission is to make practicing CPAs and their firms successful through education and advocacy.

 

 

 

 

 

 

 

 

 


 

3 things more important than tax reform in 2018

Your phone’s already ringing. Clients want to know how the new tax law will impact them. This is understandable, but don’t Small firm prioritiesworry if you aren’t ready to answer their questions just yet It’s a big law and the IRS has yet to provide even the most basic guidance. For most businesses, taxes aren’t the first thing to look at in 2018—in fact, taxes probably shouldn’t be your clients’ second or even third priority. During your client meetings consider tackling these other issues that haven’t made the 6 o’clock news.

  1. Everybody needs to fully reevaluate their accounting.

To start with, after two years of delays, US GAAP is undergoing its biggest changes in decades with implementation of FASB’s new revenue recognition and lease accounting standards. Aside from the high-profile changes for software providers, virtually every business in America that reports under US GAAP will see significant changes to their accounting for revenue recognition. Most of these businesses have leases to look at too.

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Selling your practice? Don’t forget to cover your tail

Tail insuranceDon’t let this be you: You sell your practice and all is going well. You are enjoying retired life— when all of the sudden you get a call from your practice’s new owner. A previous client is suing you and you aren’t covered. Yes, this sounds like a nightmare, but luckily it doesn’t have to be your reality. Before selling your firm, protect yourself by considering the following.  

  1. Be Aware of the Danger

When you sell or merge your practice, the potential liability claims don’t go away. Instead, they could move forward into the new firm, ready to erupt when you least expect it. Even if you simply shut down your firm, the possible claims don’t disappear. They can follow you into retirement.

  1. Understand the Limitations

The professional liability insurance you buy is typically issued on a “claims-made and reported” basis. In other words, it is good for claims that are made only while the policy is active. For example, let’s say you sell your practice to Sue’s firm as of January 1, 2018. Early in 2019, an old client makes a claim against services you performed in 2017. The claim may not be covered under Sue’s current professional liability policy, and your policy expired when you sold the firm. You and Sue may be now potentially faced with a claim that is not covered by insurance.

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Why you shouldn’t make a New Year’s resolution

ResolutionsEach year, millions of Americans lose an average of 20 pounds and learn a new language within a few months of making their New Year’s resolutions.

Wait, what? That’s not actually true. I can tell you what really happens: Every January 2, a slew of people show up at my gym and hog the treadmills. It is rather frustrating. Luckily, I know they’ll be gone in a few weeks. That’s because they are part of the 80% of Americans who abandon their resolutions by the second week of February.

There has to be a better way. What if instead, we set goals throughout the year, rather than all at once when the clock strikes midnight? We would be less likely to feel overwhelmed by our commitment to training for a marathon and writing a novel, so we’d have a better chance of getting something done. After doing some research, I found a few other tips to achieve those goals you set.

Be specific. Begin by writing down exactly what you want. We’d all like to be more successful or more fulfilled, but what exactly does that mean to you? Let’s say you’d like to raise your professional visibility. There are a number of ways you can do it, including getting further training that can make you more valuable to clients or your employers or becoming more involved in professional or community organizations. And remember this isn’t a once-a-year activity, since it’s good to set new goals as circumstances change and new opportunities pop up.

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4 good reasons to go to that networking event

NetworkingWe are all busy. When we aren’t at work we’re juggling a long list of priorities, including spending time with family and friends, partaking in hobbies or running errands that can’t be put off any longer. You will notice, nowhere in that list is attending networking events.  But that shouldn’t be the case.

Here’s a story that might inspire you to slap on a smile, put on a nice outfit, and go to that networking event—even if you’d rather sit on the couch catching up on This Is Us.  When one CPA, Heather Zundel, moved from Las Vegas to Albuquerque, she joined her state society and started showing up at their events. Along the way, she formed strong relationships that helped her feel rooted in her new community.  This involvement led to leadership opportunities as well, such as becoming the youngest woman to chair her state CPA society’s board of directors.

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Secret Santa 101: Brush up on gift exchange game rules

Secret Santa

The office tree has been trimmed, the halls have been decked and everyone is scrambling to get all of their end-of-year work done. But before you can leave the office for the holidays and officially begin the festivities, there’s one thing left to do: the office gift exchange.

More budget-friendly than your typical office party, a gift swap get-together might be the way to go. Consider these three gift giving games for your small firm’s holiday celebration. They will make everyone feel jolly and turn a potentially ho-hum gathering into a ho-ho-holiday team bonding experience.

Game: White Elephant  

How to Play: Have you ever looked at a gift someone just received with envy because you wished it had been given to you instead? With White Elephant—also known as Pirate Santa, Yankee Swap and Dirty Santa—you’re in luck. That coveted gift can be all yours.

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